Economy 'more balanced'
Play
Thailand's economy has entered a more-balanced stage after having been heavily reliant on exports, Somchai Sujjapongse, the director-general of the Fiscal Policy Office, has said.
Somchai said the dependence on exports was less as domestic consumption and investment were now driving the economy.
Prime Minister Yingluck Shinawatra’s government launched several economic stimulus measures in the past two years such as the First Car Scheme and the rice-pledging scheme, which boosted domestic investment and consumption.
The moves are in line with the slowdown in the global economy, which hurt the Kingdom’s exports.
The current domestic consumption accounts for 50 per cent of gross domestic product (GDP), while investment contributes 20 per cent and exports 30 per cent. Earlier, the export sector accounted for more than 70 per cent of GDP.
Its decline to around 30 per cent of GDP indicated a rise in imports, pointing to a rise in consumer purchasing power.
However, Thailand’s economic growth this year is likely to see a decline in response to the global slowdown.
The government has tried its best to achieve economic growth of between 4 per cent to 4.5 per cent.
